Unveiling the True Value of Dwelling in High Cities

Is hotter climate and reasonably priced residing one thing you need in retirement? In that case, the southern U.S. will be the place for you. Many retirees are flocking to the South for its tax-friendliness, agreeable local weather, and below-average value of residing in comparison with different elements of the U.S.

In partnership with Southern Dwelling, Investopedia staffed editors analyzed and scored information from the U.S. Census Bureau and different publicly out there information sources (see our Methodology beneath) to disclose the price of retirement in over 600 areas and establish the place your cash might go the farthest.

Our workers consultants narrowed down that lengthy listing to 10 standout cities for retirees the place your cash would possibly go farther. Scorching Springs, Arkansas, Englewood, Florida, and Charleston, West Virginia ranked as the highest three. Dive in to see what makes these areas and others so retirement-friendly.

1. Scorching Springs, Ark.: America’s Spa

Scorching Springs’ low value of residing and lack of state property taxes helped this location high our listing for retirees in 2024. Nevertheless, there’s way more to Scorching Springs than these necessary qualities.

 If you wish to be near nature and have an lively way of life in retirement, that is the spot for you. Scorching Springs, Arkansas, is dwelling to Scorching Springs Nationwide Park and the Diamond Lakes—which supplies nice entry to scenic biking, climbing, fishing, and water sports activities.

About 22.7% of Scorching Spring’s inhabitants is 65 years or older, with the median age being 44.7.

Housing Prices

The median housing prices in Scorching Springs are 30% lower than the typical within the South ($810 per 30 days versus $1,163). You could find flats for as little as $500 a month, and median dwelling sale costs have been at $242,530 as of December 2024, doubtlessly making it an reasonably priced possibility for each renters and consumers—particularly these relocating from higher-cost areas.

Scorching Spring Metropolis residents earn a mean family revenue of $46,537 between 2018 and 2022, with the nationwide median for that timeframe touchdown at $74,580.

2. Englewood, Fla.: A Coastal Oasis

When one thinks of Florida, it’s not unusual to additionally consider retirement, so it is probably not a shock a Florida location is on our listing. Nevertheless, the lesser-known city of Englewood is worthy of taking a re-examination. Its rising recognition amongst retirees is exhibiting, too, because the median age is 67.8. 

Englewood provides simple seaside entry, golf programs, parks, and a below-average crime charge. The Olde Englewood purchasing district has varied eating places and a farmer’s market, too.

Value of Dwelling

Englewood’s median revenue is $61,734. Though that is decrease than the nationwide median of $74,850, residents get extra for his or her buck as a result of decrease median dwelling values.

As of December 2024, Englewood’s median dwelling worth is $363,215, which places its income-to-home worth at about 16.67%. The nationwide income-to-home worth lands at 18.1% (based mostly upon a median dwelling worth of $412,300 as of the second quarter of 2024), giving Englewood a extra favorable share.

General, Investopedia’s analysis discovered the median month-to-month housing value is a wallet-friendly $779—33% decrease than the South’s general common.

3. Charleston, W.Va.: City Dwelling with a Mountain View

For those who crave 4 seasons and scenic mountain residing, Charleston, West Virginia, is the place for you. 

Although the capital metropolis has a inhabitants of 48,864 and a youthful median age of 42.2, this metropolis nonetheless provides a terrific enchantment to your later years. Actually, the state even lists the town as a “Designated Retirement Group.” 

Charleston provides improbable healthcare entry, sturdy arts and tradition, and varied out of doors actions like climbing and biking. Make a journey to Coonskin Park, situated simply 10 miles from Downtown, to search out some stunning nature sights.

Reasonably priced Housing

Charleston’s most important perk for retirement planners is its reasonably priced value of residing. As of December 2024, the median dwelling sale worth was $154,925, which is considerably cheaper than the nationwide worth of $412,300. Charleston can also be renter-friendly, with a median lease worth of $900.

4. Valdosta, Ga.: A Vibrant Vacation spot for All Ages

For those who crave an lively way of life throughout retirement, Valdosta, Georgia, is the place to be. It provides world-class golf programs, improbable climbing spots, and a bustling downtown arts scene.

The inhabitants is round 55,000, with a median age of 29.2 (primarily resulting from Valdosta State College, which has 10,000 college students). An enormous draw is its reasonably priced housing, with median month-to-month housing prices of $893, which is 23% lower than the South’s median month-to-month housing prices general. As of December 2024, the median dwelling gross sales worth was $192,503, which is decrease than the nationwide common.

Flat Tax

Georgia is certainly one of 13 states that has a flat revenue tax. Which means that no matter your revenue, everybody pays the identical share, which is useful for these with the next revenue degree in retirement. 

Moreover, Georgia’s property tax charges aren’t too steep–with a mean efficient charge of 0.940% for Lowndes County (although there are different areas on our listing with extra favorable charges).

5. North Myrtle Seaside, S.C.: A Stress-free Seaside Spot

Who doesn’t need entry to a calming seaside throughout retirement? North Myrtle Seaside spans 9 miles and includes 4 communities (Cherry Grove, Windy Hill, Ocean Drive, and Crescent Seaside). With a inhabitants of about 18,000, you may entry seaside life whereas avoiding extra crowded spots like Myrtle Seaside. 

From an affordability standpoint, South Carolina has a graduated revenue tax (starting from 0-6.40%)–so this is a perfect vacation spot if you happen to suppose you’ll have below-average revenue in retirement. Relating to state and native tax burden, South Carolina ranks eleventh within the nation at an 8.9% charge.

Cheap Property Taxes

As of December 2024, North Myrtle’s median dwelling worth was $380,405. Whereas that price ticket is increased than different areas on our listing, South Carolina’s property taxes are way more manageable, with a mean county tax charge of 0.36% (for Horry County).

6. Hickory, N.C.: Idyllic Lake Haven

If small-city residing is asking your identify, Hickory, North Carolina, might be your retirement dream. Lake Hickory is ideal for boating fans, and quite a few parks, trails, eating places, and purchasing facilities populate round this scorching spot. 

We expect the price of residing is a most important draw right here, because the median month-to-month housing prices are $960, 17% decrease than the South’s general median month-to-month housing prices.

Affordability All-Round

Hickory’s median family revenue is $58,251, or about $4,854 month-to-month. As of December 2024, the median dwelling sale worth was $279,709, which is decrease than different metro areas on our listing.

Moreover, Hickory’s median lease was $1,295, which means roughly 26.7% of month-to-month revenue would go in the direction of lease (a positive share). North Carolina additionally has a flat particular person revenue tax charge of 4.50%, which makes it extra enticing for retirees, as this additionally applies to retirement revenue.

7. Maryville, Tenn.: Small-City Appeal

Maryville, Tennessee, stands out for its quaint, charming vibes. Situated simply south of Knoxville, it has a inhabitants of about 32,000 and a median age of 41.2. It provides good walkability, historic buildings, and plentiful downtown purchasing. For individuals who need shut proximity to the nice outdoor, the Smoky Mountains are only a 35-minute drive away.

Tax-Pleasant

Tennessee boasts the third lowest common and mixed state and native tax within the nation, at 7.6%. Even higher, there is no such thing as a particular person revenue tax—even on retirement plan revenue—which makes it ideally suited for retirees with pensions.

One be aware that dwelling costs aren’t as aggressive as different Southern states we evaluated. In December 2024, Maryville’s common dwelling worth was $367,001. General, the median family revenue is $74,610, which is on par with the nationwide common of $74,580.

8. Vero Seaside, Fla.: An Reasonably priced Seaside Life-style

Vero Seaside, Florida, is a good beachfront retirement vacation spot with a vibrant arts scene only a quick distance away. Retirees can also be drawn to the world for its wide selection of out of doors actions, together with water sports activities, golf, fishing, and the chance to discover lush botanical gardens. One other perk: it’s not as scorching or costly as different South Florida areas.

Save on Revenue Tax

The typical dwelling gross sales worth in Vero Seaside was $370,574 as of December 2024, which is lower than the nationwide common. Don’t be frightened by the median lease worth of $3,000—loads of leases can be found within the $1,000s vary. Property taxes aren’t unhealthy both, with Indian River County residents paying 0.78%.

That mentioned, a most important draw to Florida facilities round its taxes. There aren’t any particular person revenue taxes (retirement plan revenue included), and the typical mixed state and native gross sales tax charge of 9.1% ranks eighth finest within the nation.

9. Fredericksburg, Tex.: Wine Nation Getaway

For those who’re a wine connoisseur, Fredericksburg is asking your identify. This small city in Texas has a inhabitants of slightly below 11,000 and greater than 60 wineries and vineyards. The world additionally has a wealthy German historical past, based by German settlers in 1846.

Favorable Tax Therapy

Whereas Fredericksburg, Texas, might have increased median housing prices ($1,254) than different areas—and about 8% increased than the Southern common—retirees can nonetheless discover monetary benefits by residing right here. 

Like Florida and Tennessee, Texas doesn’t impose a person revenue tax. Moreover, the state’s state and native tax burden charge of 8.60% is among the many lowest within the nation, rating 4th nationwide.

10. Orange Seaside, Ala.: {Golfing} Galore

White sand seashores and championship golf programs make Orange Seaside, Alabama, a perfect retirement vacation spot for a lot of. The median age is 51.6, and virtually 30% of the inhabitants is 65 and older.

Median dwelling costs are steep, sitting at $691,680 as of December 2024. Nevertheless, this may be skewed to the multi-million greenback properties that line the seaside, and there are properties on the market within the low $300,000s.

The median family revenue is among the highest on our listing at $90,402. That is effectively above the nationwide median of $74,580.

Extra Tax Financial savings

A significant benefit of retiring in Alabama is the shortage of state taxes on Social Safety advantages. Moreover, the state includes a graduated revenue tax with charges starting from 2% to five%. Alabama additionally boasts a comparatively low common mixed state and native gross sales tax charge of 9.29%, rating thirteenth within the nation.

The Backside Line

When planning the place to dwell in retirement, there are lots of elements to think about: proximity to household, local weather, value of residing, and extra. Whereas it may be overwhelming to weigh all these facets, the excellent news is that loads of choices can meet your wants—particularly these Southern areas.

As Individuals dwell longer and more healthy lives, guaranteeing an reasonably priced retirement is extra necessary than ever. It is important to consider how the place you select to settle will impression your funds and general high quality of life.

The South provides a number of retirement—and wallet-friendly locations. Take into account Scorching Springs, Arkansas; Englewood, Florida; and Charleston, West Virginia, amongst our different high areas.

Methodology

The locations chosen for the ultimate listing have been chosen from all Census Designated Locations in southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Investopedia collected median family revenue and month-to-month housing value estimates from the 2022 American Group Survey (5-year) for every place within the South. Locations for which estimates included massive margins of error have been faraway from the preliminary listing. 

The ultimate listing of locations was chosen by Investopedia workers editors after evaluating: 

1. Housing affordability relative to the South (how every place’s month-to-month housing prices evaluate with a weighted common for states within the South);
2. Median revenue in every place (as a proxy for taxes collected, which can be associated to group sources; and
3. Particular person reporting on proximity to parks or coastlines, current modifications locally, and former reporting by Southern Dwelling highlighting the very best locations to retire.